Tag: Demo Day

Demo Day at WERK1: Nine startups present their vision for a modern insurance industry

9 start-ups. Around 60 mentors. 13 insurance partners. 8 weeks. One could almost call it a small boot camp of the startup scene, which took place in the last weeks here in the rooms of WERK1. The result: Nine innovative solutions that could advance the future of the digital insurance industry. With the live presentations of the international teams the third batch of the W1>> InsurTech Accelerator ends successfully.

You’ve invested your heart and soul in the last eight weeks. But for most of the participants in the batch, that also meant less sleep and more coffee. But days like this are the reward for the hard and intensive working hours, because there was a lot of interest in their projects. The Eventspace: Full to bursting with almost 200 enthusiastic startup colleagues, investors, insurers and the curious.

W1>> INSURTECH ACCELERATOR BATCH 3

The special feature of this batch is that it is almost twice as large as its predecessors. 75 startups have applied for the program this year. Nine international teams, including one from Australia and two from India, were selected in the end.

“The demands on this batch were greater, from start to finish. The recruiting process alone was more complex and international than ever before. In the meantime, word has spread about our concept from Munich. That’s a nice signal of what a worldwide attraction we’ve developed.”

Dr. Florian Mann, CEO WERK1

Around €50,000 was invested in each start-up in the form of infrastructure, top-class mentoring and direct links to more than a dozen globally active insurance companies. This “all-round carefree package” turned ideas into scalable business models in no time at all.

After interviews on stage with the W1>>team members and a short speech by Tom Van den Brulle, Head of Global Innovation at Munich Re, the startups got serious. Each team had exactly five minutes to present its own project to the experts present. Here are a few examples of the presentations:

ANYONE CAN AND IS ALLOWED TO PITCH

Ayan Srivastava presented with a video the app Kruzr, which turns the smartphone into a driving assistant. The Kruzr language assistant could become a helpful co-pilot, e.g. by warning in case of increased speed or bad weather conditions, by suggesting breaks after longer driving times, or by simply managing incoming messages. The aim is to significantly reduce the number of car accidents.

The next step was the intelligent health platform Docyet, which can not only talk to the patients, but also has appropriate solutions for their problems with the help of artificial intelligence. Petra and Samuel von Freya discussed the topic of human fertility and possible insurance benefits, and Marguerite from MedPayRx explained how Blockchain technology can help patients buy medicines online in the future. At the end of the presentations everyone received a certificate. For Gilberto from Sydney it was a nice memory of an exciting and intense time.

„Since the first day I came for demo day, I felt like: this is the place. It was a really intense time, but I always wanted to get the most out of it! It was a huge opportunity to speak directly with a collection of insurance companies and it has really opened a lot of doors for us.“

Gilberto Spencer CEO & Gründer von Claimspace

The hard work was worth it. All nine start-ups have mastered their presentations on stage with confidence and professionalism. Program coordinator Daniel Nowack is very satisfied after the pitches, almost a bit sentimental.

“It was an incredibly dynamic cohort with whom it was a lot of fun to work together. Everyone could learn from everyone. On a day like today, seeing startups present themselves self-confidently who were previously very insecure is a huge gift!

A SUCCESS FOR THE INSURERS

The W1>> InsurTech Accelerator connects the world of startups with the world of large insurance companies and not only the founders benefit. Johannes Wagner revealed us at the Demo-Day:

“For our insurers, it is a constant competition for premium innovations. We have to get to the top issues worldwide. W1>>InsurTech is a collection basin for this. Here we have access to premium innovations, not from Silicon Valley, but directly from Munich”.

Johannes Wagner, Vorstand InsureTech HUB München / Leiter Start-up Corporation Versicherungskammer Bayern

Besides interviews, speeches and pitches there was of course enough time for celebrations and networking. At small booths each startup could introduce itself to interested visitors in the WERK1 Café and have a drink to discuss the ideas of the startups in more detail. Our evening ends at the booth of Freya and with the beautiful words of founder Petra:

„It was a unique program. We love it here in Munich. WERK1 has a super friendly atmosphere, we feel like home!“

WERK1 celebrates Demo Day of the first Digital Health Accelerator in Munich

It’s Demo Time! WERK1, Roche and Plug’n Play jointly organized the first Digital Health Accelertor in Munich and after months of concentrated work, five outstanding startups presented their results on June 7th. It’s absolutely clear that our eventspace is reaching its limits. Fortunately, however, we have suitable alternatives in the factory district: In the Technikum right next door, the startups presented themselves to more than 350 interested people and then celebrated themselves and the results well into the night – well deserved!

In addition to start-up support and coworking, the accelerator programs are an essential part of the work at WORK1. After the successes in the InsurTech area, we discovered Digital Health as a new topic for us in 2018 based on the successful launch of the Future X Healthcare Event (www.fxh2017.com). Together with Roche, one of the leading companies in the healthcare industry and Plug and Play, the world’s largest provider of accelerator programs, we launched the first Digital Health Accelerator for Munich.

The startups worked on their projects for five months from WORK1 with the help of mentors, and from 7 June it was time to present the results. The right location was quickly found with the technical centre on the factory premises. All in all, it was a long day. We started with a press brunch to present the results to the trade press in a relaxed atmosphere. Freshly strengthened, the event continued quickly in front of a large audience. After the greetings of Bavaria’s Minister of Economic Affairs Franz Josef Pschierer and some board members, the startups had the floor. One pitch followed the other and it quickly became clear what a professional level each of the young companies had reached in the short space of time. The quality of the lectures, videos and presentations was outstanding. But even after that it was not over yet. Only rarely do you have so many leading representatives of the health industry in one place and so the rest of the evening was used until late into the night for networking and deserved celebrations.

STARTUPS

1. Fibricheck 

Fibricheck is a prescription, medically certified screening and monitoring application for the detection of cardiac arrhythmia including atrial fibrillation.

2. inveox

Inveox automates sample preparation in histopathology.

3. Medicus.ai

Medicus.ai is an AI-based platform that explains and interprets medical reports and health data in order to gain meaningful insights from figures.

4. SagivTech

SagivTech offers research and development solutions in the areas of computer vision, machine learning and deep learning as well as hardcore code optimization for various hardware platforms.

5. StethoMe

StethoMe is the first medical diagnostic device of its kind that monitors the airways and measures body temperature accurately and in a user-friendly way.

DR. FLORIAN MANN ABOUT THE ROLE OF WERK1 AT THE DIGITAL HEALTH ACCELERATOR

“After the experience with the InsurTech Accelerator and the construction of the InsurTech Hub supported by de:hub Initiaitve, we chose a very fast and pragmatic path. Working closely with Roche, we developed a tailor-made programme within 2 months, based on the requirements of startups that had already been pre-selected and Roche. Here the focus was on collaboration and pilot projects with strong contacts to Roche and external experts. Our experience helped us a lot to find the right mentors and coaches for the 5 startups of Batch Zero.

Digital Health is definitely one of the most regulated and complex market fields! There are a lot of stakeholders and parties that make up the vast ecosystem. Hats off to the start-ups who dare to build their business here!

It is very important to be flexible with the program structure and to respond to the individual needs of startups and partners at an early stage. Only then can the program bring real added value. An extensive network and a good feel for matchmaking (bringing the right people together at the table) are essential elements to create a significant added value for everyone and to take it to the next level.”.

TO BE CONTINUED

The representatives of Roche’s Executive Board who were present emphasised time and again that an accelerator does not help the startups on its own. They praised the creative cooperation, in particular the technical know-how and the attitude of all five start-ups, from which companies like Roche could benefit enormously. After the successful pilot phase in WERK1, the Accelerator will be continued with Plug’n Play and Batch 1.

SUCCESSFUL WORK AT THE W1 FORWARD INSURTECH ACCELERATOR: RECAP OF THE DEMO DAY 2016

Just a couple of months ago five finalists began their hard and very successful work at the W1 Forward InsurTech Accelerator. As you might remember, the W1 Forward InsurTech Accelerator is hosted at WERK1 and supported by  insurance companies, namely Allianz, ARAG, Die Bayerische, Generali, HUK-Coburg, LV1871, Munich RE, Nürnberger, Swiss RE, VKB.

So no wonder the Technikum, just a few steps away from WERK1, was crowded by some illustrious guests from bavarian politics, top executives from the insurance industry and of course a lot of founders and startup people. More than 150 guests were welcomed at the first ‚W1 Forward InsurTech Demo Day‘ excited to see what the startups were about to present.

After a short and enjoyable speech highlighting the ’small wonder‘ of bringing together the supposedly old fashioned insurance industry with fast paced and agile startups, Franz Glatz welcomed Bavarian Minister of Economics Ilse Aigner and the co-initiators on the stage. She ran through a short, but pithy speech about Bavaria having the right, if not the best ecosystem for founders and startups.

This was followed by more speeches: First there were Dr. Robert Heene of VKB and Torsten Jeworrek of Munich Re. Who were involved in the very early days of the W1 Forward InsurTech Accelerator. Again it was about the culture clash between the slow moving insurance world and the vivid startup scene. However, as Dr. Heene pointed out, the industry is learning fast: It took just ten days from the first draft to the final proof of the W1 Forward InsurTech contract. They also enjoyed working with the startups in workshops and mentoring.

Finally, Bavarian State Secretary Franz Josef Pschierer shared his current mission of the Bavarian Ministry of Economic Affairs: Driving forward the digitization of society and economy by – among others – creating the best environment for startups. He stated our work and how initiatives such as W1 Forward Accelerators help creating those environments.

Eventually the stage was for the startups and with the first pitch the highlight of the evening started. We’ve noted down a short recap and quotes.

Snapsure

WERK1 - Alumni - snapsure - Logo

What they pitched: An insurance bot and an AI platform which allows the insurance industry to generate customized and instant offers based on image informations. Insurers can integrate Snapsures white label API into their front ends like customer apps, broker apps, marketplaces, interactive ad banners or sales campaigns.

Best quote on stage: ‚Insurances are complicated, incomprehensible, old-fashioned and unsexy. We want to change this with Snapsure!‘

Minnosphere

What they pitched: A ‚Next Generation Underwriting‘ (NGUW) System which simplifes and improves the existing insurance underwriting processes. The innovative solution combines the power of machine learning algorithms and business rules. The aim of NGUW is to convert big data into automatic decisions.

Best quote on stage: ‚Finally, when you managed to get an Insurance, then we should call it a relationship. But i dare to say, that insurances don’t have relationships with their customers and vice versa.

MotionsCloud

WERK1 - Resident - MotionsCloud - Logo

What they pitched: A mobile and artificial intelligence claims solutions for non-life insurers and claims handling companies with the aim to reduce claim cycle time, claim expenses and and also to improve customer experience at the point of claim. A customer centric mobile AI solution to settle insurance claims that meet the customer expectations in the digital world.

Best quote on stage: ‚The point of claim is the point of pain!

Leonhard-MacDonald Ventures

What they pitched: A B2B SaaS solution called AdaEngine. A lightning fast real-time big data analysis and prediction tool. The AdaEngine turns insurance and financial analysts into data scientists by enabling them to build AI powered real-time modelling and simulation applications from Excel spreadsheets.

Best quote on stage:‚Our future gives you the latest Big Data technologies and advanced AI and Machine Learning algorithms to make your prediction and forecasting easier and more fun and more timely.‘

Nect – Smart Digital Identity

What they pitched: Nect, a single, verifed digital ID for customers which will be globally usable across insurers, to securely log in, sign up, send or receive encrypted Data and also making one click insurance possible. But Nect also aims for other industries which shall lead to data transaction possibilities across industries, opening up ways for new business opportunities and innovative insurance products.

Best quote on stage:‚I can say it in an other way: I can‘t remember all these shitty passwords. Do you know the most used menu point on customer care portals? Yes, it’s ‚I forgot my password!‘‘

So what is the conclusion? Well, all pitches were remarkably professional and everyone agreed that the five finalists are bound to be successful.

And how did the startups benefit besides coachings and support of the accelerator? During the Q&A session after the pitches all startups seemed to agree on one point: Without the W1 Forward InsurTech Accelerator they would never ever have gotten the deep industry contacts they acquired during the last few months. This alone seemed to be worth it.

Of course there was more than just speeches and pitches. Afterwards there was enough time for having a drink or two and of course for networking. Also each of the five finalists had a small booth where visitors could watch demos of the various solutions and have chat with the founders. At the end everyone experienced an interesting and valuable evening.